BBK discloses its financial results for the half year ended 30th June 2020

BBK discloses its financial results for the half year ended 30th June 2020

BBK (trading code BBKB.BH) announces its financial results for the half year ended 30th June 2020. The bank achieved a net profit for the period attributable to the owners of the bank of BD 29.2 million compared to BD 40.0 million in the same period in the previous year, registering a decrease of 27.0%. The Basic and diluted earnings per share amounted to 22 fils for the period compared to 32 fils during the same period last year.



Due to the economic effects of COVID-19 pandemic during 2020, and the global interest rates cut in late 2019, the bank's financial performance have been negatively impacted . This has resulted in a decrease of 15.8% in interest income to BD 74.8 million during the half year of 2020 (BD 88.8 million in the corresponding period last year) while interest expense stood at BD 34.0 million (BD 31.2 million during the same period last year), registering an increase of 9.0%, partially due to increase in the customer deposits portfolio. Moreover, the bank's share of profit from associated companies and joint ventures decreased from BD 4.8 million during the first half of 2019 to BD 2.5 million for the current period . Furthermore,